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Retrospectives Lord Keynes and Mr. Say: A Proximity of Ideas
Journal of Economic Perspectives ( IF 6.9 ) Pub Date : 2019-08-01 , DOI: 10.1257/jep.33.3.228
Alain Béraud 1 , Guy Numa 2
Affiliation  

Since the publication of Keynes's General Theory of Employment, Interest and Money, generations of economists have been led to believe that Say was Keynes's ultimate nemesis. By means of textual and contextual analysis, we show that Keynes and Say held similar views on several key issues, such as the possibility of aggregate-demand deficiency, the role of money in the economy, and government intervention. Our conclusion is that there are enough similarities to call into question the idea that Keynes's views were antithetical to Say's. The irony is that Keynes was not aware of these similarities. Our study sheds new light on the interpretation of Keynes's work and on his criticism of classical political economy. Moreover, it suggests that some policy implications of demand-side and supply-side frameworks overlap. Finally, the study underlines the importance of a thorough analysis of the primary sources to fully grasp the substance of Say's message.

中文翻译:

回顾性回顾凯恩斯勋爵和萨伊先生:想法的接近

自从凯恩斯的《就业,利息和货币通论》出版以来,几代经济学家被认为萨伊是凯恩斯的终极敌人。通过文本和上下文分析,我们表明凯恩斯和萨伊在几个关键问题上持有相似的观点,例如总需求不足的可能性,货币在经济中的作用以及政府干预。我们的结论是,有足够多的相似性可以质疑凯恩斯的观点与赛伊的观点是对立的观点。具有讽刺意味的是,凯恩斯没有意识到这些相似之处。我们的研究为凯恩斯的著作诠释和他对古典政治经济学的批评提供了新的思路。此外,它表明需求方框架和供应方框架的某些政策含义重叠。最后,
更新日期:2019-08-01
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